A scarcity of cycles. It may be due to a cycle crunch, but it could also occur because part of the computer is temporarily not working, leaving fewer cycles to go around. "The high moby is down, so we're running with only half the usual amount of memory. There will be a cycle drought until it's fixed."
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Nearby terms: cycle « cyclebabble « cycle crunch « cycle drought » cycle of reincarnation » cycle server » cyclic redundancy check